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#9154731 - 10/10/17 12:15 PM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: SuPeR-MaRiO]
Balhar Offline
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i have 2 segments on my house, one is up in feb and the other in june... i want to put them both on one segment so gonna wait. but rbc just called and offered me 4 year fix for 3.19. currently it's 2.19 \:\(
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#9155236 - 10/10/17 09:04 PM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: Balhar]
SuPeR-MaRiO Offline
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Registered: 06/28/01
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 Originally Posted By: Balhar
currently it's 2.19

2.19% after a .50 point increase? I'm guessing you have prime minus 1.01%?

/notbadobama

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#9208280 - 12/13/17 12:04 PM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: SuPeR-MaRiO]
Senor Eduardo_82 Offline
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Got my 1yr @ 2.79%. 12 months from now, bye-bye mortgage!
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#9208290 - 12/13/17 12:21 PM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: Senor Eduardo_82]
Screamin Type ARGH! Offline
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 Originally Posted By: eddie_82
Got my 1yr @ 2.79%. 12 months from now, bye-bye mortgage!


wow nice, congrats meng. you made it.
we still slavin'
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#9208324 - 12/13/17 12:46 PM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: Screamin Type ARGH!]
Senor Eduardo_82 Offline
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Says the guy buying a Lambo ;\)
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#9208343 - 12/13/17 12:58 PM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: Senor Eduardo_82]
Screamin Type ARGH! Offline
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 Originally Posted By: eddie_82
Says the guy buying a Lambo ;\)


yeah, it's got a solid fiero base. problem? l e l
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"Ban low performance drivers, not high performance cars"

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#9232850 - 01/16/18 11:45 AM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: Screamin Type ARGH!]
SuPeR-MaRiO Offline
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Another hike expected tomorrow. Fixed rates for sure will increase, but undetermined if Prime will be raised. RBC increased their 5 year fixed last week by 0.15
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#9232852 - 01/16/18 11:50 AM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: SuPeR-MaRiO]
Senor Eduardo_82 Offline
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If BoC raises their lending rate tomorrow the banks will absolutely raise their prime rate by the same amount. It's how they make $10B/year. Fixed rates are never tied to the BoC rate, so tomorrow's move won't have an impact there.

A coworker got a 2.79%/5yr rate a few weeks ago with a small lender. No frills, minimum prepayment privileges, for his situation he's still laughing at the rate he got.

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#9232858 - 01/16/18 11:59 AM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: Senor Eduardo_82]
iamfob Offline
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Damn 2.79% is great for 5 years fixed.

The latest quotes I received was 3.29% 5 years fixed from TD and Scotia.
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#9232860 - 01/16/18 12:02 PM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: iamfob]
spd-dmn Offline
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What are the best var rates out there right now?
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#9232862 - 01/16/18 12:07 PM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: spd-dmn]
Senor Eduardo_82 Offline
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https://www.ratehub.ca/best-mortgage-rates/5-year/variable?scenario=purchase
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#9232865 - 01/16/18 12:15 PM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: Senor Eduardo_82]
SuPeR-MaRiO Offline
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I have my mtg split with RBC. One portion is fixed at 2.49 and the other is variable at Prime minus 0.50 (which currently equates to 2.70)

It was nice when I was at 2.20 but now my dilemma is whether to lock in the variable rate as it continues to climb. The only issue is I can't leave RBC without penalty.

So far variable seems to be holding well vs the fixed rate, just don't know how long that will last.

@Eddie, thoughts?

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#9232881 - 01/16/18 12:48 PM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: SuPeR-MaRiO]
Senor Eduardo_82 Offline
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So many factors to consider. I'd suggest you sit down with your bank rep and play with the numbers to see how much of a difference locking in will make versus a jump of 2-3% in the prime rate. You may only be looking at a few hundred dollars during your current term if your principal is low, or maybe it's a few thousand dollars and worthwhile for you to lock if you're carrying a $600k mortgage.


Reading back on this thread I see you've been asking and pondering about locking in for a while now. If it's on your mind a lot it may be a good idea for you to just do it and put your indecisiveness at ease.

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#9232927 - 01/16/18 01:51 PM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: Senor Eduardo_82]
spd-dmn Offline
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I like that prime minus 1.25% by butler

But I guess it depends how fast prime will actually ramp up in the next few years.

Tough call....

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#9232934 - 01/16/18 01:58 PM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: spd-dmn]
Hatorade Offline
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For 2018 they are anticipating a 50 basis point increase. So only you can decide what your comfortable with as far as risk tolerance is concerned.
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I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#9232938 - 01/16/18 02:04 PM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: Hatorade]
Screamin Type ARGH! Offline
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rates goin on uuuup, everyone gonna get rekt
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#9232950 - 01/16/18 02:17 PM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: Screamin Type ARGH!]
Senor Eduardo_82 Offline
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Someone remind me, what's 0.5% of $0 balance?


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#9232970 - 01/16/18 02:32 PM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: Senor Eduardo_82]
Hatorade Offline
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Bastard!
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'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#9232985 - 01/16/18 02:48 PM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: Senor Eduardo_82]
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 Originally Posted By: eddie_82
Someone remind me, what's 0.5% of $0 balance?



you don't count cause you're a rich moghul who likes miatas
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#9233114 - 01/16/18 07:13 PM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: Screamin Type ARGH!]
A2B-Lexus Offline
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Registered: 04/19/01
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Spoke to my realtor friend and he says a lot of houses over $1M has been sitting on the market for a while and things have cooled.

There is a newly build 2 car garage home (no fence, no yard so pretty much BNIB) that looks decent and it has been on the market for a month plus.

Tossed around the idea of moving but with baby #1 due in April, we are cutting it too close....

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#9233280 - 01/17/18 07:59 AM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: A2B-Lexus]
furball Offline
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Registered: 09/24/03
Posts: 9483
Loc: Toronto, ON
Wife is juuuuuuuuuuuust beginning to look at homes, and ... windowshopping and picking at err-little thang...

Likely look at something close to 407 for her, and GO for me ... Though 401/Leslie/DVP/York Mills is a window-shopping area, given her friend lives 'Hoggs Hollow' area (i.e. 401/Yonge) -- traffic there is a fucking cluster fuck, all the time.

Anything outside of Hamilton is good.


Edited by furball (01/17/18 08:09 AM)

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#9233281 - 01/17/18 08:00 AM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: furball]
Hatorade Offline
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So you'll end up in Hamilton is what you're saying?
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'07 997.1 GT3
'08 E90 M3
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'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#9233288 - 01/17/18 08:04 AM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: Hatorade]
furball Offline
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Registered: 09/24/03
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She's actually seeing the light; she's ok with Markham given the large variety of food options.

She's stubborn and since she grew up in Hamilton, refuses to diss the shithole, likely transition the MIL out in the next couple of years.

My take is to consider investing/keeping/maintaining/building an empire of homes there ...

<InsertRandomRealEstateInvestingArticleFromTheStar.ComAboutSomeWomanBuyingHomesInBrantford> Here it is... https://www.thestar.com/news/canada/2017...ers-teitel.html

 Originally Posted By: Hatorade
So you'll end up in Hamilton is what you're saying?


Edited by furball (01/17/18 08:08 AM)

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#9233489 - 01/17/18 11:53 AM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: furball]
c2k Moderator Offline
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https://twitter.com/JeannieLee88/status/951891241473593347

47% of Canadian mortgages up for renewal within the next 12 months.

Holy shit.
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#9233513 - 01/17/18 12:20 PM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: c2k]
Big Tasty Offline
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Registered: 02/10/02
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Another 2 years and 3 days for me to renew.
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#9233560 - 01/17/18 01:25 PM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: Big Tasty]
Senor Eduardo_82 Offline
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BoC raised their lending rate as expected.

I'm kinda curious as to how much of Canada's personal debt (outside of mortgages) is on a variable interest rate. Credit cards, car loans, are usually at fixed rates. Student loans can be either.

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#9234588 - 01/18/18 06:43 PM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: furball]
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 Originally Posted By: furball
Wife is juuuuuuuuuuuust beginning to look at homes, and ... windowshopping and picking at err-little thang...

Likely look at something close to 407 for her, and GO for me ... Though 401/Leslie/DVP/York Mills is a window-shopping area, given her friend lives 'Hoggs Hollow' area (i.e. 401/Yonge) -- traffic there is a fucking cluster fuck, all the time.

Anything outside of Hamilton is good.


Why are you shopping for a house? Don't you already have a house in Markham...you would already be close to GO/407.

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#9465679 - 12/14/18 06:22 AM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: Senor Eduardo_82]
Senor Eduardo_82 Offline
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 Originally Posted By: eddie_eightytwo
Got my 1yr @ 2.79%. 12 months from now, bye-bye mortgage!


Been listening to a lot of podcasts recently on retirement savings, early retirement, semi-retirement, as I try to figure out what my next 15-20 years may look like. Lots of calculators and spreadsheets about how much to save, and trying to figure out when I can exit the rat race.


As predicted, yesterday was mortgage freedom day.

A new adventure begins.

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#9465683 - 12/14/18 06:34 AM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: Senor Eduardo_82]
c2k Moderator Offline
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 Originally Posted By: eddie_eightytwo
 Originally Posted By: eddie_eightytwo
Got my 1yr @ 2.79%. 12 months from now, bye-bye mortgage!


Been listening to a lot of podcasts recently on retirement savings, early retirement, semi-retirement, as I try to figure out what my next 15-20 years may look like. Lots of calculators and spreadsheets about how much to save, and trying to figure out when I can exit the rat race.


As predicted, yesterday was mortgage freedom day.

A new adventure begins.


Congratulations! Im sure the bank must really hate you now.
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#9465786 - 12/14/18 08:21 AM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: Senor Eduardo_82]
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 Originally Posted By: eddie_eightytwo
 Originally Posted By: eddie_eightytwo
Got my 1yr @ 2.79%. 12 months from now, bye-bye mortgage!


Been listening to a lot of podcasts recently on retirement savings, early retirement, semi-retirement, as I try to figure out what my next 15-20 years may look like. Lots of calculators and spreadsheets about how much to save, and trying to figure out when I can exit the rat race.


As predicted, yesterday was mortgage freedom day.

A new adventure begins.


That's amazing man, huge accomplishment imo especially if you are still in your 30's. Hope to join the club soon.

As far as FIRE calcs, I think the 4% withdrawal rule would suit you well.

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#9465813 - 12/14/18 08:46 AM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: Risky Business]
Mr.Bozack Offline
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Registered: 03/24/06
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Yeah man congrats - now you have true freedom! If you loose your job tomorrow you don't have to worry about those banks coming looking for their interest payments.

Keep saving like you were before and don't spend the "new" money and your savings should grow nicely.
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#9465843 - 12/14/18 09:10 AM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: Mr.Bozack]
Big Tasty Offline
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Congrats, great accomplishment!
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#9465881 - 12/14/18 09:57 AM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: Big Tasty]
furball Offline
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Registered: 09/24/03
Posts: 9483
Loc: Toronto, ON
The future looks to be that we're selling the Makham home, and moving on towards Burlington/Oakville area next summer ... and the wife needs to pick up some training on cash flow, etc. Cuz if not, we're gonna be house-poor ... \:\|

As my mortgage comes up for renewal in Jan 2019, gotta figure out wtf to do, i.e. looks like we may either jump ship from CIBC, and/or get a larger mortgage for another home, etc... From the basic intel I got, in any case I'm looking at paying some kind of early termination fee, even if I did a 1-yr open etc...


Edited by furball (12/14/18 09:58 AM)

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#9465903 - 12/14/18 10:15 AM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: furball]
Senor Eduardo_82 Offline
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Registered: 01/09/03
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 Originally Posted By: furball
The future looks to be that we're selling the Makham home, and moving on towards Burlington/Oakville area next summer ... and the wife needs to pick up some training on cash flow, etc. Cuz if not, we're gonna be house-poor ... \:\|

As my mortgage comes up for renewal in Jan 2019, gotta figure out wtf to do, i.e. looks like we may either jump ship from CIBC, and/or get a larger mortgage for another home, etc... From the basic intel I got, in any case I'm looking at paying some kind of early termination fee, even if I did a 1-yr open etc...


Are you on the CIBC Home Power Plan?

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#9465933 - 12/14/18 10:34 AM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: Senor Eduardo_82]
furball Offline
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Registered: 09/24/03
Posts: 9483
Loc: Toronto, ON
Looks to be so ... i.e. I have a HELCO associated with the mortgage. How does that fit into my situation re: likely increasing mortgage/switching homes?

 Originally Posted By: eddie_eightytwo
Are you on the CIBC Home Power Plan?


Edited by furball (12/14/18 10:35 AM)

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